Benzinga | Sep 20, 2021 02:53PM EDT

Neogen Acquires CAPInnoVet For Undisclosed Sum

* Neogen Corporation (NASDAQ:NEOG) has acquired CAPInnoVet, Inc, an Atlanta-based companion animal health company. Deal terms were not disclosed.

* CAPInnoVet, founded in 2014, provides pet medications to the veterinary market.

* Neogen's acquisition of CAPInnoVet will provide entry into the fast-growing over $12 billion retail parasiticide market.

* CAPInnoVet will integrate into Neogen's Animal Safety business segment, including veterinary instruments, pharmaceuticals, vaccines, and diagnostic products.

* "The acquisition of CAPInnoVet provides NEOGEN a strategic pathway into the parasiticide market and naturally aligns within our Animal Safety business segment," said Doug Jones, Neogen's Chief Commercial Officer.

* Price Action: NEOG stock is down 3.09% at $40.10 during the market session on the last check Monday.